According to The Insight Partners market research titled ‘Colorectal Cancer to 2027 – Global Analysis and Forecasts by Modality, and End User’. The global Colorectal Cancer market is anticipated to reach US$ 22,953.8 Mn in 2027 from US$ 16,339.9 Mn in 2018. The market is anticipated to grow with a CAGR of 4.0% from 2019-2027. The report provides the trends prevailing in the global colorectal cancer market and the factors driving the market along with those that act as hindrances.
The global colorectal cancer market, based on the modality, is segmented into diagnosis type, therapy type, and imaging type. In 2018, the diagnosis type segment held the largest market share of the colorectal cancer market. This segment is also projected to dominate the market in 2027 as it emphasizes the need for early recognition of neoplasms, or in the asymptomatic or pre-cancerous stage.
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The leading companies operating in the colorectal cancer market include Epigenomics AG, Novigenix SA, Clinical Genomics Technologies Pty Ltd., EDP Biotech Corporation, Volitionrx Limited, Abbott Laboratories, Amgen Inc., F. Hoffmann-La Roche AG, Bruker Corporation, Quest Diagnostics Incorporated, Natera, Inc., and Guardant Health, Inc among others.
The market for colorectal cancer is expected to grow, owing to factors such as increasing prevalence of colorectal cancer, new product launches and benefits offered by generic drugs. Moreover, growing pharmaceutical industry in emerging economies is likely to have a positive impact on the growth of the market in the coming years.
The market for colorectal cancer drugs is driven by frequent diagnostic tests and drug launches. Most of the major market players are involved in the manufacturing wide range of drugs and diagnostic tests that help in reducing the burden of colorectal cancer. For instance, in June 2019, Pfizer, Inc. launched ZIRABEV, a biosimilar to Avastin that helps in the treatment of five cancers, including colorectal cancer. Moreover, in September 2019, Lupin, an Indian pharmaceutical company, partnered with German-based Boehringer Ingelheim pharmaceutical company for the development of cancer drugs. The companies came together to develop and commercialize a drug based on the MEK inhibitor. This molecule is likely to target specific cancer cells and treat patients suffering from stomach and skin cancer.
Furthermore, the companies are also focused on the development of new diagnostic tests that will help in the accurate detection of colorectal cancer. For instance, in December 2016, Clinical Genomics, a private company developing evidence-based diagnostic tools for colorectal cancer, introduced Colvera, a blood-based diagnostic test for colorectal cancer recurrence monitoring.
The report segments Global Colorectal Cancer Market as follows:
Global Colorectal Cancer Market – By Type
- Diagnosis Type
- Therapy Type
- Imaging Type
Global Colorectal Cancer Market – By End User
- Diagnostic and Research Laboratories
Global Colorectal Cancer Market – By Geography
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South & Central America (SCAM)
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